Core & Main Inc (CNM) is undervalued and Fastenal Co (FAST) is overvalued.
Against our estimates of intrinsic value, CNM trades at the wider discount: a margin of safety of +26%, against -126% for FAST.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.6% (average of 3 methods) values the shares at $58.43; the price of $43.01 is 26% below that value, and 78% of that value comes from beyond year five.
Leak Score 84/100 on 3 of 12 signals
Discounting its cash flows at 8.9% (average of 3 methods) values the shares at $22.17; the price of $50.08 is 126% above that value, and 76% of that value comes from beyond year five.
Leak Score 64/100 on 10 of 12 signals
| Metric | CNM | FAST |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $43.01 | $50.08 |
| Intrinsic value | $58.43 | $22.17 |
| Margin of safety | +26% | -126% |
| Leak Score | 84/100 (3/12) | 64/100 (10/12) |
| Market cap | $8.2B | $57.5B |
| Revenue growth, 5 years | 16.0% | 7.8% |
| Operating margin | 9.7% | 20.3% |
| Net margin | 6.0% | 15.4% |
| Return on equity | 23.4% | 34.3% |
| Debt to equity | 1.35 | 0.11 |
| P/E | 17.8x | 42.6x |
| Forward P/E | 12.6x | 35.6x |
| P/B | 3.9x | 14.1x |
| Dividend yield | — | 2.0% |